Rosneft buys up more Yukos assets
Published August 9th, 2007
Rosneftwon another Yukos bankruptcy auction, buying key transport assets, including those used for exports to China, as it continued its drive to swallow up what was once Russia’s biggest oil producer.
The state-controlled oil group paid $729m, a fraction above the starting price, after its only rival, an obscure company called Benefit, pulled out immediately after Rosneft’s first bid. The auction lot included Yukos’s key transport units, East Asia Transit and Yukos-Transservice, which owns long-term leasing contracts on 7,000 railway tank cars and short-term contracts on 5,000 cars.
The sale of assets belonging to the Yukos oil empire once run by jailed tycoon Mikhail Khodorkovsky has been continuing in spurts, even though the company’s main production units and refineries were swallowed up by Rosneft in May auctions in which the company also faced little or no competition.
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